NorthStar Doubles Client Engagements, Success in 2007
Released on: January 7, 2008, 7:16 am
Press Release Author: Fast Lane
Industry: Media
Press Release Summary: NorthStar Systems International, Inc., a leading provider of wealth management software to financial services institutions, today announced another record year, doubling its year over year revenue and client engagements. In 2007, financial services firms of all sizes and types, including broker dealers, trust providers, banks, multi-family offices and asset managers, selected NorthStar solutions to help improve wealth manager productivity, accelerate revenue growth and increase profitability.
Press Release Body: FOR IMMEDIATE RELEASE
NorthStar Doubles Client Engagements, Success in 2007
Company Poised to Extend Leadership in Wealth Management Industry in 2008
San Francisco, CA - January 7, 2008 - NorthStar Systems International, Inc., a leading provider of wealth management software to financial services institutions, today announced another record year, doubling its year over year revenue and client engagements. In 2007, financial services firms of all sizes and types, including broker dealers, trust providers, banks, multi-family offices and asset managers, selected NorthStar solutions to help improve wealth manager productivity, accelerate revenue growth and increase profitability.
The explosive growth in wealth management has provided financial institutions a way to offset the challenges felt elsewhere in their businesses. The wealth management sector remains the fastest growing segment in financial services, according to a recent Bear Stearns Equity Report. Over the next three years, wealth managers and private banks are predicting an unprecedented 30% average growth in assets under management per year, according to a PricewaterhouseCoopers 2007 survey.
"We continue to be very excited about the prospects for the wealth management industry," said Collin Cohen, president of NorthStar. "As firms look for ways to facilitate faster growth and improve profitability in their wealth management advisory businesses, we are very confident in NorthStar's proven ability to help them."
Examples of NorthStar helping leading wealth managers improve their business results in 2007 include:
. An institutional asset manager added more revenue by generating tailored proposals in one third the time without adding staff. . A national bank eliminated 12 in-house applications. . A trust company reduced its risk by establishing a single investment policy compliance platform. . A private banking group closed more business per advisor by establishing 360-degree client household portfolio views. . A multi-family office enabled its advisors to spend more time with prospects and clients by decreasing administrative tasks by 50%. . An asset manager improved quality and ensured compliance for all proposals.
In addition, NorthStar received a number of noteworthy awards and accolades in 2007, including: . Software Magazine named NorthStar as one of the top 10 growth companies in its annual Software 500 rankings. . Red Herring selected NorthStar as one of the top 100 private technology companies based in North America. . NorthStar introduced six new wealth management "industry first" software innovations. . Celent recognized NorthStar as a market leader in its 2007 Wealth Management Technology Report.
"At NorthStar, we are driven to help wealth management firms scale through enhanced productivity, which drives revenue and profit," said Cohen. "In doing so, our offerings solve the long-standing challenge of bringing together data and capabilities which may exist across separate, unintegrated sources."
About NorthStar Systems International: NorthStar's enterprise-class solutions, delivered either on-premise or on-demand, enable firms of all sizes and their advisors to dramatically improve productivity, accelerate revenue growth, and drive profitability. NorthStar's innovative suite of pre-packaged wealth management solutions includes Client Acquisition, Client Reporting, Product Catalog and Compliance. For more information about NorthStar, its premier clients and award-winning offerings, visit www.northstar.com.
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